- At-Bay — a cyber insurance company for the digital age — announced it raised $34 million in Series B funding
At-Bay — a cyber insurance company for the digital age — announced it raised $34 million in Series B funding led by Acrew Capital and Munich Re Ventures through its HSB fund. And existing investors Khosla Ventures, Lightspeed Venture Partners, and entrepreneur Shlomo Kramer also participated in the round. Including this round of funding, At-Bay has raised a total of $51 million to date.
At-Bay is known for helping businesses navigate risk across their technology stack with continuous vulnerability monitoring. And as part of the insurance policy, the At-Bay security team monitors the perimeter of each portfolio company, actively alerting them of new vulnerabilities. Last year, At-Bay helped over 9,000 companies secure their systems against impending new attacks, saving both client and insurer avoidable losses.
This new investment follows a year in which At-Bay doubled its team, opened offices in New York and Atlanta, and launched two new products that drove tremendous growth. Plus At-Bay’s broker network grew 400% in 2019 while revenue grew 10x year-over-year. And At-Bay has a client retention rate of 100% year-over-year with every existing client renewing their policy.
This funding round will enable At-Bay to accelerate product offerings and deepen the foundations of its insurance offering, through expert underwriting and claim management.
Key Quotes:
“The deck is stacked against small business owners, who are on their own to defend their organizations from international crime syndicates and state actors. Here at At-Bay, we are building a new kind of insurance company, designed from the ground up to manage the unique risks associated with doing business in the digital age. We are the partner our clients can rely on to navigate cyber risk, completely financially aligned with their business to help them stay secure.”
– Rotem Iram, co-founder & CEO of At-Bay
“Every company will need cyber insurance to help manage the risks of doing business in the digital age. At-Bay has built the leading platform in the space, delivering two new products and rapidly accelerating growth in 2019. We are excited to partner with them to carry that momentum forward.”
– Mark Kraynak, Founding Partner of Acrew Capital
“Cybercriminals are creative and always hunting for new vulnerabilities, even the best defense may have holes. At-Bay believes businesses need cyber insurance that’s as strong as their security, that’s why we’ve invested in At-Bay and will also continue to provide the underwriting capacity they need to grow.”
– Stephanie Watkins, senior vice president of HSB, part of Munich Re
